Sale of National Express terminal and Birmingham head office steams ahead
Public transport company National Express is said to have completed a sale and 25-year leaseback agreement on its existing coach terminal and head office in Digbeth, in Birmingham city centre.
The bus terminal has been the main hub of National ExpressΓÇÖs coach services since the 1980s, and has been sold along with the office space to US firm WP Carey & Co. for a reported sum of ┬ú16m.
Speaking to Property Week http://www.propertyweek.com, Jennifer Walsh, vice president of WP Carey International, said:
ΓÇ£This transaction further cements our presence in the UK and clearly demonstrates our strategy of helping quality companies unlock the capital in their real estate.
In the current economic environment, WP Carey continues to actively seek sale-leaseback opportunities that are consistent with our defensive, risk-management driven investment strategy and adhere to our philosophy of investing for the long run.ΓÇ¥